Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. 35 % first buy in bonus! President Reagan last spring demanding that this be looked into immediately. The First Critical Observations. Currency, Shop All GAO stands for General Accounting Office, OIG stands for Office of Inspector General. Telephone: (502) 624-2386. Mnuchin said it was the first time Fort Knox opened its vaults to outsiders since a Congressional delegation and some journalists were let in to view the gold for the first time in 1974. The official story from OIG is that 100% of the gold stored at Fort Knox was audited in between 1974 and 1986, although there is no US government department that has the audit reports. I have copied as much quotes in this post as I can to minimize the possibility of an erroneous interpretation of the official text in the audit reports. I left school at 16 with six GCSEs - and became a self-made millionaire. At this stage I havent been able to get my hands on any assay report from 1974 1986. However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. Buy for Vault Storage in New Zealand Exhibit 2. A movie producer before becoming treasury secretary, Mnuchin told a group of Louisville business leaders earlier in the day it was important for him to see the gold to attest that 'it is part of our national assets. for Dads, American Women's History Coins & The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. The One "Audit" Of Fort Knox. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. Fort Knox is home to more than 30 commands and organizations with a daytime population of about 26,260 Soldiers, civilian employees and Family members. The compartments at the Mint were placed under official joint seal, whereas the FRBNY compartments were never placed under official joint seal (as we can read on page 11 of the 1980 audit report). Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. 312 tonnes of the total is 4 %. Interactive map reveals when you may see SNOW. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? . Facilities, Production So once you have done that, and that seal remains unbroken, then I am not sure what other benefit there would be to going back into it at that point. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . I also want to assure you that the physical security over the gold reserves is absolute. 97 percent of the gold was checked and sealed in an audit that ended in 1986, and annual partial audits by a third-party accounting firm continued after that, he said. The last time Fort Knox had opened its vault to civilians was more than 40 years earlier. Learn how your comment data is processed. Its glittering gold . The target this time is the United States Treasury Assay Office in New York . Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . As a result more than 1,700 tonnes at the Fort Knox and the Denver depository, that were both fully audited and sealed at that time, needed to be re-audited. As a result, the gold at the Bank [FRBNY] is considered unaudited. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. Buy for Vault Storage in the United States 147.3 million ounces of gold is stored at Fort Knox. Koos mainly provides unique insights about Chinese gold market. The answer is, he cant. Inside the lonely life of 'pavement killer': Neighbours reveal how 'childlike' disabled woman jailed for Tragedies of Everest: The adventurers forever frozen in ice after losing their lives scaling the world's 'Why the last-minute delay?' The coin bars topic, which ties together with the existence of the US official gold, deserves a thorough study to be expanded upon in a separate post. and until 2010, every member of . From the 1985 report: In fiscal year 1985 audits of Government-owned gold were conducted at the United States Mint in Denver and the United States Bullion Depository in Fort Knox, Kentucky. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. The gold at Fort Knox is stored in one of the most secure facilities in the world. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). Circulating Coins, Tours & Metal Coins, back to Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. Coin bars are assaying 899 to 901 per mille or 915 1/2 to 917 per mille,roughly 90 % pure, and these types of bars allegedly form the bulk of the US official gold reserves. The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. The novel begins: 7:20 am, September 11, 2015. When I logged in at my account at the FOIA website, I saw my request had disappeared. The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. Coin It seems that a portion of the Mint and the U.S. gold reserves were audited in an assay between 1993 and 2008, as you acknowledged. Many conspiracy theorists - like the Gold Anti-Trust Action Committee (GATA)- believe the gold doesn't really exist, there isn't as much as the government claims, or the government has sold it off for years. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. Fort Knox was thrown open on that Monday afternoon for about 2 hours to some 150 reporters and glad-handing politicians, crowding narrow passageways and elbowing each other for a . There was no assay report included in the audit report. Beginning in 1974, the auditors of the U.S. government's gold reserves held at Fort Knox, Ky., and at the U.S. Mint facilities in Denver, Colo., and West Point, N.Y. (which was named the West Point Bullion Depository from its opening in 1937 until it gained status as an official Mint in 1988), started a 10-year program to verify 100 percent of the gold reserves. Built in 1936, security access for the facility make it difficult to get access. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. 'It would really be quite a movie if we walked in and there was no gold. The last full audit was done in 1953 . This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. The last Congressional visit prior to this occurredin 1974. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. More from 1981 report: The continuing audit is being conducted on a cyclical basis because of the enormous quantity of gold to be handled and the related costs. At the congressional hearing of the Gold Transparency Act in 2011 Inspector General (IG) Eric Thorson stated: Before I discuss the details of the audits that are the topic of this hearing, I want to make one point very clear: 100 percent of the U.S. Governments gold reserves in the custody of the Mint has been inventoried and audited. Monetary Gold Stock of the United States 'So many dead. After writing it Ive been trying to collect all audit reports dating from1974 1986. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. I would like to stress the importance of this failure to deliver the audit reports of 97 % of the official US gold reserves by the department directly responsible at this point in time. The usage of cookies and the collection of customer information by BullionStar is guided by our. Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . Fort Knox gold subject of hearing. About 000% of them were weighed. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. Day trip: Steve Mnuchin and his wife Louise Linton touched down in Kentucky earlier on Monday prior to the Treasury Secretary's tour of Fort Knox. The depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. di From the 1985 report: In fiscal year 1985 audits of Government-owned gold were conducted at the United States Mint in Denver and the United States Bullion Depository in Fort Knox, Kentucky. Over 640,000,000 ounces of real money sat behind those massive locked doors. For instance, sample sizes used for assaying were conspicuously small. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. No photographs were allowed, of course. It's going on right now as I say these words. An excuse was needed to break the seals. Other problems sound laughable in their incompetence. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. However, until the missing audit reports show up we can only look at this case as its presented by the US government through the documents that are publicly available. I'm not a professional auditor (if you are one please contact me), but common sense suggests that when irregularities are found the sample size . Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . You requested access to audit reports of the United States Department of the Treasurys official gold reserves published by the Committee for Continuing Audit of the U.S. The annual audits by the committee ended in 1986 after 97 per cent of the Government owned gold held by the Mint had been audited and placed under official joint seal. More from the 1985 report: The audit procedures followed [at the FRBNY] were essentially the same as those followed at Mint institutions except that assay samples were not taken to verify the purity of the gold and the audited gold was not under committee control after the audit. For the best and most secure experience in our catalog, please update your browser. The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. US citizens were required to sell their gold bullion - bars and coins - back to the State. (Back to top) CIVILIAN TIME MILITARY TIME CIVILIAN TIME MILITARY TIME 12:01 AM 0001 5:00 PM 1700 (Seventeen hundred) 5:00 AM 0500 10:00 PM 2200 10:00 AM 1000 (Ten hundred) 11:30 PM 2330 12:00 PM (Noon) 1200 12:00 AM . "Dear US Mint, We Gave You The FOIA Funds, Now Give Us The Fort Knox Audit Documents!", November 2016 "US Mint Releases New Fort Knox "Audit Documentation". . Save my name, email, and website in this browser for the next time I comment. With regardto my quest for all reports, lets have a look what US government departments could not deliver whatI was looking for: First was the Counsel to the Inspector General Department of the Treasury. When will the Beast from the East be at YOUR door? This would last until 2010 when the Armor School was relocated to Fort Benning, Georgia. Ron Paul worries Fort Knox gold is gone. July 21, 2017 7:24AM. Medals, Email & U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . No irregularities were found. Exhibit 7.1. It is surrounded by an active U.S. Army fort, guarded by the U.S. Mint Police and protected by layers of security measures, including a blast proof 22-ton door, 16,000 cubic feet of granite, 4,200 cubic yards of concrete, 750 tons of reinforcing steel and 670 . Then, something very strange happened in 1983. Despite the fact that a 1953 Fort Knox audit found that 1977% of bullion tested was out of , in 2, we went to 1998% verified ingots. He ought to have known precisely how many pages were needed and presumably where to find them. Alaska, USA . More than half of . The facility also featuresvideo cameras, motion detectors, and secret microphones, all set to pick up the presence of anyone or anything that doesn't belong. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. PBOC Gold Purchases: Separating Facts from Speculation. Your request was received in this office on March 3, 2015 and assigned FOIA case number RD 45578. . Exhibit 7.3. Did The Dutch Central Bank Lie About Its Gold Bar List? Following the Second World War, with the United States emerging as the lone remaining superpower, the countrys gold holdings reached as high as 20,000 tonnes! As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. You may consider submitting a FOIA request directly to the Treasury Department. The New Year kicked off . Submitted to: . China Net Imported 1,300t Of Gold In 2016, Why SGE Withdrawals Equal Chinese Gold Demand And Why Not, Trade in and out of physical gold and silver, BullionStar Perspectives - Rick Rule - Wisdom and Insights from Legendary Mining Investor, Buy for Vault Storage in the United States, Domestic and International Shipping from Singapore, and 1980 summary, released by the GAO 10/1981, the vault had to be opened twice more in the presence of the Joint Sealing Committee and the gold reevaluated, assaying 899 to 901 per mille or 915 1/2 to 917 per mille, Where Did The Gold In Fort Knox Come From? And there is more, a lot more. But by 1986, you had 97 percent was audited. Our staff conducted a search using the National Archives Holdings Management System under the following records group numbers: RG 50 Treasurer of the United States, RG 56 General Records of the Department of the Treasury, RG 82 Federal Reserve System, RG 101 Office of the Comptroller of the Currency, RG 104 U.S. Mint, and RG 425 Financial Management Service. The public may never know. The Eisenhower Administration Conducted The Last Audit Of Fort Knox. The monetary gold stock of the United States totals 276.0 million fine troy ounces valued at $11.7 billion at the official rate of $42.2222 per fine troy ounce, and is stored in various federal depositories (table attached), the largest of which is at Fort Knox, Kentucky. 12/ As of September 30, 1984, 99.9 percent of the gold stored at the United States Denver Mint had been audited under the initial continuing audit program. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. Cleverly located at the intersection of Gold Vault Road and Bullion Boulevard, the bullion depository at Fort Knox was constructed and housing the growing government stock of gold by 1937. The inspection by Members of Congress on September 23, 1974, of U.S. gold stocks stored at the Fort Knox (Ky.) Bullion Depository marks a unique departure from the long standing and rigidly enforced policy of absolutely no visitors, Mrs. Mary Brooks, Director of the Mint, announced today. but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. United States Mint All Rights Reserved. Your browser is out of date. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. This suggests the gold at the FRBNY was stored so it could be easily transportedin and out of the vaults, possibly through a corridor to the adjacent private vault at 1 Chase Manhattan Plaza read this post by BullionStar gold researcher Ronan Manly for more information on the construction of the FRBNY vault and the connection to the vault across the street that was owned by JP Morgan, but recently bought by Fosun (October 2013), a Chinese investment conglomerate. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. These CDCs offer full-day care, part-day, and hourly care. The only audit that has ever been done of the gold inside Ft Knox was done days after Dwight Eisenhower became President in January of 1953. Why might the government entrust such inexperienced employees with this important task? This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. The audits were conducted in accordance with the revised audit guidelines that required a statistical sample of gold melts within randomly selected compartments at the facilities. Government-owned Gold, or my office, and placed under official joint seals. The reports I did find, and are now publicly available, are: Coincidentally, or not, these reports are exactly the same ones as listed by Thorson at the congressional hearing in 2011 (exhibit 1, framed in red). During fiscal year 1986, gold was audited at the West Point Bullion Depository, and the San Francisco Old Mint under the initial continuing audit program. Bags, & Boxes, Code Need Help? After the Congressional inspection, the Bullion Depository will once again be closed to visitors. For the first time photographing is being permitted inside the Depository.. Domestic and International Shipping from Singapore Us, ALL Shortly after I got an email that statedmy request had been received and was being processed. Ideas, Gifts for Fort Knox facts. One of the most sensitive secrets protected by the Washington establishment is the massive cache of gold reserves held at the federal depository in Fort Knox, Kentucky. A separate post will be dedicated to KPMG. Not only were Kooss requests met with a reluctant response from government officials, but the mint claimed it would have to spend countless labor hours searching through dozens of boxes for hundreds of pages that might be what Koos was looking for: the annual gold audit records that were carried out between 1993 and 2008. All your favorite.50 games all in one club! The Counsel to the Inspector General Department of the Treasury told me his department only had 4 of the 13 reports I was looking for. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. For the other years we dont know whatoffice performed the checks. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. Fort Knox Internal Review and Audit Compliance. Great! Train fares will rise by 5.9% TOMORROW - but travellers can still get cheaper tickets if they buy them Why is Britain experiencing so many earthquakes? Sevenreports are missing. Also, the assay test results from last year's gold audits at Fort Knox and West Point were By the end of 1982 the continuing audits committee, which consisted of BGFO and US Mint staff, was reorganized under the Department of the Treasury, Office of the Inspector General. The First Critical Observations", February 2017. initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. You can change the usage of cookies in your browser. The Fort Knox Mine was initially certified in full compliance with the Cyanide Code in February 2008 and was recertified in September 2011, in February 2015, and in August 2018. Bureau of Government Financial Operations [BGFO]. Part One, all golden coins that circulated in the US before 1933 could not have supplied the US official gold reserves to the extent Mr Moy has stated. Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). "Glad the gold is safe!". previous, Kids 45 New Bridge Road, Singapore 059398 Singapore The assayer is unknown and there was no assay report included in the audit report. Thats 6 down, 7 more to go. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. In the excel sheet with the bar list of gold stored by the US Mint, published a few years ago, we can see nearly all the gold is low purity roughly 90 % pure very little was 9999 fine. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. Mistakes That Created America As You Know It, What It Was Like to Enter Through Ellis Island, Uncivilized Moments on the Congress Floor, Heinous Policies Toward Children and Families, Times Another US Civil Conflict Almost Began, Proposed States and Territories That Almost Were, A History of Foreign Meddling in US Elections, 1812: The Biggest Mess in the Country's History, Fort Knox Is So Mysterious And Heavily Guarded, Only One US President Has Ever Been Inside, video cameras, motion detectors, and secret microphones. Koos Jansen is a precious metal analyst from the Netherlands. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." 'It's not even the annual funding level for some of our large departments in the federal government,' he said. Kids, Gifts for Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. At Fort Knox, we are about people - great service members, outstanding civilians . Test yourself with this Cockney Rhyming Slang quiz. The official story from OIG is that 100% of the gold stored at Fort Knox was audited in between 1974 and 1986, although there is no US government department that has the audit reports. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. Find out what Uber drivers really think of you! Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox ', 'I assume the gold is still there,' he said. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 2/ As of September 30, 1982, 100 percent of the gold stored at the depository [Fort Knox] was audited under the initial continuing audit program. Koos is in the company of monetary scholar Jim Rickards and former U.S. Representative Ron Paul in publicly campaigning for more transparency in the financial system and the gold market. There Is No Proof All Gold Is In Fort Knox. Since there are far too many gold bars to count at once, the audit is carried out piecemeal and only small samples are taken for assaying. And the vault has also been a setting place for several movies, the most famous being the 1964 James Bond film, Goldfinger when the titular character foiled a plot to contaminate thebullion. The OIG audited 3 % from 1993 2008. The assayer is unknown and there was no assay report included in the audit report. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). Fort Knox Policies. 211 votes, 25 comments. In short, the US National Archives could not extradite the 7 audit reports I requested. It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). Protected by a 109,000-acre U.S. Army post in Kentucky sits one of the Federal Reserve's most secure assets and its only gold depository: the 73-year-old Fort Knox vault. Pursuant to that order, the Committee for Continuing Audit of the U.S.